10Y yields briefly poked above the Mar 2021 highs, adding to the drama surrounding next week’s CPI report.
Meanwhile, December NFP came in at +199K, less than half consensus, while the unemployment rate dipped to 3.9% and wages continued to strengthen. Remember, this was all pre-omicron.
Futures were not amused. While ES held its 50-DMA yet again, we get the sense it won’t be for long. 
continued for members…
The equity picture still looks extremely shaky – likely the calm before the storm.
Still, there’s a great deal of divergence between indices. Note the relative strength between the DJIA and COMP.
VIX is back above the SMA200 again and looking strong.
USDJPY is notably not spurting higher.
And, EURUSD is still going sideways.
GC and SI have given up their bounces.
And BTC continues sliding toward our next downside targets at 37,245 and 33,205. Note that it completed a death cross, with the SMA50 dropping through the SMA200.
CL and RB are both still looking quite toppy.
